Merry Chirstmas!

And Happy New Year. Lite posting till the new year.

Mish's Global Economic Trend Analysis: Beware the Taxpayer Bailout of Underfunded Teamsters Pension Funds

Mish's Global Economic Trend Analysis: Beware the Taxpayer Bailout of Underfunded Teamsters Pension Funds
Death by a thousand bailouts...

70% Of The Q3 GDP Growth Was Cash For Clunkers

70% Of The Q3 GDP Growth Was Cash For Clunkers
Does not look like growth to me.

FDIC Shuts Down Seven More Banks

FDIC Shuts Down Seven More Banks
Happy Holidays expect at the FDIC

San Francisco News - The Worst-Run Big City in the U.S. - page 1#Comments

San Francisco News - The Worst-Run Big City in the U.S. - page 1#Comments
What is wrong with Cali?

Ferguson: How Economic Weakness Endangers the U.S. - Newsweek.com

Ferguson: How Economic Weakness Endangers the U.S. - Newsweek.com
No comment

The Commercial Real Estate Default Wave is Here: Commercial Mortgage Defaults Now at 16 Year High. 3.4 Percent of all Commercial Real Estate Loans in Default.

The Commercial Real Estate Default Wave is Here: Commercial Mortgage Defaults Now at 16 Year High. 3.4 Percent of all Commercial Real Estate Loans in Default.
Any one want a over/under for 2010?

Detroit's Unemployment Rate Is Nearly 50%, According to the Detroit News

Detroit's Unemployment Rate Is Nearly 50%, According to the Detroit News
What can you do if this is true?

Mish's Global Economic Trend Analysis: Fannie Freddie May Need Another $400 Billion Taxpayer Assistance

Mish's Global Economic Trend Analysis: Fannie Freddie May Need Another $400 Billion Taxpayer Assistance
The money hole needs feeding....

Mort Zuckerman: Big City Commercial Real Estate Is Holding Up, Small Cities Are Toast

Mort Zuckerman: Big City Commercial Real Estate Is Holding Up, Small Cities Are Toast
Love Mort!

Is Austria Set To Join The Honourable Company of PIIGs? | afoe | A Fistful of Euros | European Opinion

Is Austria Set To Join The Honourable Company of PIIGs? | afoe | A Fistful of Euros | European Opinion
Big problems in europe. Big trend number 1 for next year- European union starts to break apart with Spain, Greece and Austria being at fault.

TIC Data Confirms: Foreign Appetite Gone - The Market Ticker

TIC Data Confirms: Foreign Appetite Gone - The Market Ticker
With the forigen buyers gone, it is down the banks who are received cheap money (.25%) to buy the treasuries which are paying 4%. When the merry go round stops we are all screwed.

Shadowstats' John Williams: Prepare For The Hyperinflationary Great Depression | zero hedge

Shadowstats' John Williams: Prepare For The Hyperinflationary Great Depression | zero hedge
The ugly forecast. Time is short to aviod this.
Robert

“Wake Up, Gentlemen” « The Baseline Scenario

“Wake Up, Gentlemen” « The Baseline Scenario
Finally! Someone let volker talk!

Guest Post: Larry Summers Is Like a Guy Who Yells That the Sun Really DOES Revolve Around the Earth and that the Current Orbit is Just a Temporary Aberration . . . and That If We Just Wait a Little While, “Everything Will Return to Normal” « naked capitalism

Guest Post: Larry Summers Is Like a Guy Who Yells That the Sun Really DOES Revolve Around the Earth and that the Current Orbit is Just a Temporary Aberration . . . and That If We Just Wait a Little While, “Everything Will Return to Normal” « naked capitalism
Larry summers should have never been hired in the first place and should be fired now.

Greece defies Europe as EMU crisis turns deadly serious - Telegraph

Greece defies Europe as EMU crisis turns deadly serious - Telegraph
tick tick tick.....

Goldman Sachs: The Little Hoovers Are Multiplying, State Budgets Set To Be Major Economic Drag

Goldman Sachs: The Little Hoovers Are Multiplying, State Budgets Set To Be Major Economic Drag
In short the state are begin to breakdown. With the weight of pension, medicare ever rising cost and ever decrasing tax revenue. They need to take a hard look now before we start to see local, city and state bankruptcys.

Calculated Risk: FDIC Bank Failure Update

Calculated Risk: FDIC Bank Failure Update
I too take the over. 2010 is looking very much like 1931.

Obama's Big Sellout : Rolling Stone

Obama's Big Sellout : Rolling Stone
The left calls Obama a sellout to wall st. World does not end :)

Now See The REAL State Of The US Banking Industry

Now See The REAL State Of The US Banking Industry
This is why the recover is a mirage.

Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash - - POLITICO.com

Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash - - POLITICO.com
Can you say stop the madness now?

European Central Bank Privately Worries Baltics Are The Next Debt Crisis

European Central Bank Privately Worries Baltics Are The Next Debt Crisis

Bloomberg: “the authorities in the Baltic states may not be able to prevent a renewed emergence of macro-economic imbalances and a repetition of the boom-bust cycle,” the ECB said in a document dated Nov. 17 and prepared for a meeting of the EU’s economic and finance committee.
Translated=The government can not the default.

...

“The experience of the Baltic states suggests that, for countries that have opted for pegging tightly their exchange rates, there is a significant risk that relatively low interest rates lead to excessive domestic borrowing and the emergence of asset price bubbles,” the ECB said.
Translated=Defense of currency is stupid and will blow up your country.
...

The boom-to-bust fate of the Baltic states has been exacerbated by euro-denominated borrowing since the countries joined the EU more than five years ago. That’s obliged central banks to stick more rigorously to their euro pegs or risk leaving households and businesses unable to service their debt.
Translated=Borrowing in something other then your own currency will lead to pain for everyone.

Freaked-Out Eurogroup Chair Promises Greece Won't Go Bankrupt

Freaked-Out Eurogroup Chair Promises Greece Won't Go Bankrupt
Panic? Who is Paniced?

We have entered the moment when the Greek crisis is turning dangerous

We have entered the moment when the Greek crisis is turning dangerous
put them in the basket with at least 6 others. Dubai, all the Baltics, Spain, Ireland and California. 2010 will the year os the country default.

‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker - Times Online

‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker - Times Online
Awesome, Bring back Volker!

CHART OF THE DAY: Shock Backslide In Goods Shipped To The US

CHART OF THE DAY: Shock Backslide In Goods Shipped To The US More cracks are showning

The New Economic Misery Index: Five Sectors that Show Financial Pain for Americans. Food Stamps, Bankruptcy, Credit Access, Employment, and Housing.

The New Economic Misery Index: Five Sectors that Show Financial Pain for Americans. Food Stamps, Bankruptcy, Credit Access, Employment, and Housing.
How bad? really bad?

'Sometimes I think, was it real?' The American bailout nightmare - Times Online

'Sometimes I think, was it real?' The American bailout nightmare - Times Online
The histroy of the event is always wrong at the time.

Anatomy Of A Failed Foreclosure Program

Anatomy Of A Failed Foreclosure Program
Your Government in action

Two More Bank Failures Make 126: Devil Goes Down to Georgia – 24/7 Wall St.

Two More Bank Failures Make 126: Devil Goes Down to Georgia – 24/7 Wall St.
126 and counting.

All is not well in the Ukraine - Spraying in Russia by airplanes | FTO

All is not well in the Ukraine - Spraying in Russia by airplanes | FTO
Some Doom about Swine flu :)

TrimTabs: The Government Is Grossly Miscalculating Employment

TrimTabs: The Government Is Grossly Miscalculating Employment
Some thing to consider before you see a recovery.

Mish's Global Economic Trend Analysis: Arizona Maxes Out Line Of Credit In Two Weeks Flat

Mish's Global Economic Trend Analysis: Arizona Maxes Out Line Of Credit In Two Weeks Flat
Look for big problems with AZ, FL, NV and CA next year.

Elizabeth Warren: America Without a Middle Class

Elizabeth Warren: America Without a Middle Class
We are destroy the middle class. If this is not revered we are on the way to become something very sad and terrible.

FT.com | FT Energy Source | Mexican oil production: from bad to worse

FT.com | FT Energy Source | Mexican oil production: from bad to worse
Ugly charts. Once again this will have a major destabilizing problem in mexico. Since the goverment is very dependent on oil reveune.

Mish's Global Economic Trend Analysis: Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit's Easy Solution

Mish's Global Economic Trend Analysis: Virginia Borrows $1.26 billion To Pay Unemployment Benefits; Detroit Loses $400 Million on $800 Million of Bonds; Detroit's Easy Solution
More trouble for states.

FT.com / Middle East / Finance - Dubai rejects guarantee for Dubai World

FT.com / Middle East / Finance - Dubai rejects guarantee for Dubai World
Like a little seed, this has the potential to grow into a huge problem.

Ferguson: How Economic Weakness Endangers the U.S. | Newsweek National News | Newsweek.com

Ferguson: How Economic Weakness Endangers the U.S. | Newsweek National News | Newsweek.com
Doom for a monday

Mutant Ukrainian Black Lung Enters The U.S.

Mutant Ukrainian Black Lung Enters The U.S.
Time for another freak out!! Super H1N1!!!

The new AIG report reveals how Geithner—and U.S. taxpayers—were fleeced by Wall Street banks. - By Eliot Spitzer - Slate Magazine

The new AIG report reveals how Geithner—and U.S. taxpayers—were fleeced by Wall Street banks. - By Eliot Spitzer - Slate Magazine
Once you have lost everything you become dangourous and honset.

FDIC Fund Goes Into the Red – 24/7 Wall St.#more-54348#more-54348#more-54348

FDIC Fund Goes Into the Red – 24/7 Wall St.#more-54348#more-54348#more-54348
I love the last line of this one.

California faces a projected deficit of $21 billion -- latimes.com

California faces a projected deficit of $21 billion -- latimes.com
OK who put the same record on again?

SocGen Tells Clients: Here's How To Bet On Total Global Collapse

SocGen Tells Clients: Here's How To Bet On Total Global Collapse
Doom Doom and more doom

DeLong: Odds Increasing That We're Headed For A Great Depression

DeLong: Odds Increasing That We're Headed For A Great Depression
Doom from a former optimist.

Warning: You May Not be Making as Much on Gold as You Think

Warning: You May Not be Making as Much on Gold as You Think
Excalty. Gold is terrible investment.

Rolfe Winkler » Blog Archive » GMAC shouldn’t have a government ally | Blogs |

Rolfe Winkler » Blog Archive » GMAC shouldn’t have a government ally | Blogs |

Thinking here on a rainy Tuesday. What if GMAC goes down. What if FHA needs a bailout at the same time. What would the market do?

10 States with Underemployment Rates of 20+ Percent. Manufacturing Sector Employs Same Number of Workers that we did in 1940.

10 States with Underemployment Rates of 20+ Percent. Manufacturing Sector Employs Same Number of Workers that we did in 1940.
WOW, some ugly stuff.

Mortgage Loan Deliquencies Move Up Toward All-Time Record – 24/7 Wall St.#more-53770#more-53770#more-53770

Mortgage Loan Deliquencies Move Up Toward All-Time Record – 24/7 Wall St.#more-53770#more-53770#more-53770
As we contiue to work throught the 2004-2007 Loans we continue to see heartburn.

Meredith Whitney: "I Haven't Been This Bearish In A Year"

Meredith Whitney: "I Haven't Been This Bearish In A Year"
Damn dark day for some up in the markets.

Mish's Global Economic Trend Analysis: Bair: "Bank Bailout NOT a good thing"; Pension Benefit Guaranty Corp (PBGC) Bailout Coming

Mish's Global Economic Trend Analysis: Bair: "Bank Bailout NOT a good thing"; Pension Benefit Guaranty Corp (PBGC) Bailout Coming
A round up of Doom

Op-Ed Contributor - Where Credit Isn’t Due - NYTimes.com

Op-Ed Contributor - Where Credit Isn’t Due - NYTimes.com
It is called the invisible hand cause we are not supposed to push things around. However it would in the interest of the big banks to stop giving ammo to congress. It is clear now they are making case they need to regulated as the gouge the consumer.

Audit: FHA Reserves Collapse Much Faster Than Feared

Audit: FHA Reserves Collapse Much Faster Than Feared
Does anyone else hear sirens???

Mish's Global Economic Trend Analysis: 10 States In Deep Fiscal Trouble

Mish's Global Economic Trend Analysis: 10 States In Deep Fiscal Trouble
The slide continues.

Wall Street Faces ‘Live Ammo’ as Congress Aims to Unravel Banks - Bloomberg.com

Wall Street Faces ‘Live Ammo’ as Congress Aims to Unravel Banks - Bloomberg.com
Congress talk sane thoughts for once

Rosenberg: Here's Why Unemployment Is Going To 13%

Rosenberg: Here's Why Unemployment Is Going To 13%
Ouch long cold winter ahead.

The U.S. Lunatic Asylum (i.e., Economy) Is Facing Approximately $15 Trillion In Roll Risk By 2012 | zero hedge

The U.S. Lunatic Asylum (i.e., Economy) Is Facing Approximately $15 Trillion In Roll Risk By 2012 | zero hedge
Today's must read

Rosenberg: Something Big Is About To Happen

Rosenberg: Something Big Is About To Happen
Going long the dollar still. When everyone else is jumping off the cliff I like bet against them surving.

Rosenberg: Unemployment Going To 13%

Rosenberg: Unemployment Going To 13%
Wow

A 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up - Home - The Daily Bail

A 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up - Home - The Daily Bail
Back room deals to help wall street. No question who owns our government.

Fannie Mae (FNM), In Trouble Again, Begs For $15 Billion – 24/7 Wall St.#more-52539#more-52539#more-52539

Fannie Mae (FNM), In Trouble Again, Begs For $15 Billion – 24/7 Wall St.#more-52539#more-52539#more-52539
The money hole needs feeding.

U6 continues its climb and U3 cross 10%

Table A-12. Alternative measures of labor underutilization
Headline goes 10.2% and real unemployment 17.5%. Ouch

Labor Data: Milking More Blood From Stones – 24/7 Wall St.

Labor Data: Milking More Blood From Stones – 24/7 Wall St.
Could not say it better. We are deflating wages, driving harder and not hiring. Not a sign of recovery by any means.

Business Bankruptcy 2009 update

http://doomisnigh.blogspot.com/2009/08/business-bankruptcy-fillings.html
Back in August I thought my predictions would be close to target but second Quarter blew past my prediction of 15+ thousands. Topping 16 thousands which is bad a record for any quater and almost matches all of 2006 the last 'good' year. Also 2nd QT is typical the slow quater for BK. I would imaging the Q3 numbers will be even worse and one wonders what the Citi BK will have (A spike would not surprising as credit dries up sales at smaller merchants). In short big problems in the business sector.

Threat Of Downgrades Has Mexico In A Downward Spiral

Threat Of Downgrades Has Mexico In A Downward Spiral
We should be very concerned about Mexico spiralling downward....

Mish's Global Economic Trend Analysis: Prichard Alabama Files Bankruptcy Over Pensions; Wildcat Strike In Philadelphia; Oregon's Financial Gamble

Mish's Global Economic Trend Analysis: Prichard Alabama Files Bankruptcy Over Pensions; Wildcat Strike In Philadelphia; Oregon's Financial Gamble
More problems for some states.

Trouble in Ireland as Fitch cuts debt two notches to AA- and deficits soar - Credit Writedowns

Trouble in Ireland as Fitch cuts debt two notches to AA- and deficits soar - Credit Writedowns
Irelands continues the downward spiral.

BOA raises rates after claiming it would do not such thing

http://www.thestreet.com/_yahoo/story/10621353/1/bank-of-america-reneges-on-card-costs.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Just making the case the government needs to over see the Credit Card companies.

Citi causing heartburn for small business

http://www.businessinsider.com/bankrutpcies-reverse-course-start-rising-again-2009-11

New record 9 banks go down

http://www.thedailybell.com/576/Nine-US-Banks-Seized-In-Largest-One-Day-Haul.html

Citi goes down, government losses all investment

http://dealbreaker.com/2009/11/cit-bankruptcy-shows-whos-boss.php#morehttp://dealbreaker.com/2009/11/cit-bankruptcy-shows-whos-boss.php#more

Is Congress Micromanaging GM? - The Daily Beast

Is Congress Micromanaging GM? - The Daily Beast
Really the Government run GM is being micromanage for the benefit of some in congress. Shocking.

Volcker Has Obama’s Ear, but Not on Overhaul of Banks - NYTimes.com

Volcker Has Obama’s Ear, but Not on Overhaul of Banks - NYTimes.com
Please let try to listen to volcker before it is too late.

Financial Historian on 1929: 'Great Crash' or just a 'Break in the Market'? - MarketBeat - WSJ

Financial Historian on 1929: 'Great Crash' or just a 'Break in the Market'? - MarketBeat - WSJ
Awesome read

GMAC Joins the Black Hole Club « naked capitalism

GMAC Joins the Black Hole Club « naked capitalism
Hey lets throw money in the money hole!!!

Goldman Lobbies Senate, Says Full Transparency Sucks

Matt Taibbi - Taibblog – Goldman Lobbies Senate, Says Full Transparency Sucks - True/Slant
More signs Goldman owns the government

Why rich college kids can sell dope and you can't - Denver News - The Latest Word

Why rich college kids can sell dope and you can't - Denver News - The Latest Word

An Epidemic of Fear: How Panicked Parents Skipping Shots Endangers Us All | Magazine

An Epidemic of Fear: How Panicked Parents Skipping Shots Endangers Us All Magazine
Read and pass one. No single issue is more important. The survial of more people is at stake in this debate then any other.

Medicare Fraud: A $60 Billion Crime (CBS 60 Minutes, October 25) - Home - The Daily Bail

Medicare Fraud: A $60 Billion Crime (CBS 60 Minutes, October 25) - Home - The Daily Bail
Why government run heath care is bad.

Bank Failures Hit 106, Could Go As High As 1,000 – 24/7 Wall St.

Bank Failures Hit 106, Could Go As High As 1,000 – 24/7 Wall St.
Making up for a quiet week, we 6 more this week.

Jesse's Café Américain: CapMark Eats Its Balance Sheet - Declares Bankruptcy

Jesse's Café Américain: CapMark Eats Its Balance Sheet - Declares Bankruptcy
Problems Problems who cares.

Break Point | Gregor.us

Break Point Gregor.us
Today's Must Read

Roving Bandit: Gary Becker in controversial "extend markets to unfamiliar areas" shocker

Roving Bandit: Gary Becker in controversial "extend markets to unfamiliar areas" shocker
What a excellent thought. $5000 for a mexican to enter the country. Per year? One time? Per Visa?

Nouriel Roubini: Big Crash Coming - Features

Nouriel Roubini: Big Crash Coming - Features
Interesting....

Bernanke Says Financial Firms Should Pay for Closings (Update2) - Bloomberg.com

Bernanke Says Financial Firms Should Pay for Closings (Update2) - Bloomberg.com
Translated: we are broke and please can some else pay.

Spitzer On Breaking Up Big Banks: White House Just Doesn't Get it (VIDEO)

Spitzer On Breaking Up Big Banks: White House Just Doesn't Get it (VIDEO)
Why is he the only one making sense.

A Rare Glimpse Into The Fed's Discount Window Courtesy Of The Brewing Lehman-Barclays Scandal | zero hedge

A Rare Glimpse Into The Fed's Discount Window Courtesy Of The Brewing Lehman-Barclays Scandal zero hedge
Good Read

Mexico Calls Citi's Nationalization Illegal, May Cost Firm 15% Of Its Profits (C)

Mexico Calls Citi's Nationalization Illegal, May Cost Firm 15% Of Its Profits (C)
Ah Mexico always a troublemaker :)

No more post till Monday

U.S. Healthcare Is Doomed

U.S. Healthcare Is Doomed
Kicking off the day with Doom :)

Lewis Sorley: The Real Afghan Lessons From Vietnam - WSJ.com

Lewis Sorley: The Real Afghan Lessons From Vietnam - WSJ.com
How we won and why we lost.

Dollar Collapse Plunges S&P 500 Back To 1996

Dollar Collapse Plunges S&P 500 Back To 1996
Yeah the market is up, oh no inflation destroyed it all

FT.com | Economists' Forum | A second Great Depression is still possible

FT.com Economists' Forum A second Great Depression is still possible
Another lawnmower for the green shots.

The State And City Financial Time Bomb Ticks Louder – 24/7 Wall St.#more-49262

The State And City Financial Time Bomb Ticks Louder – 24/7 Wall St.#more-49262
Some many bombs so few bomb techs...

California Budget Is Already in the Red 10 Weeks After Passage - Bloomberg.com

California Budget Is Already in the Red 10 Weeks After Passage - Bloomberg.com
Ah California. 10 whole weeks. Congrats. Back to work and this time you are out of tricks.

Controlling Healthcare Costs The American Way: Not Doing It - Megan McArdle

Controlling Healthcare Costs The American Way: Not Doing It - Megan McArdle
Every member of Congress should read this.

Why Oil Can't Ditch The Dollar

Why Oil Can't Ditch The Dollar
Excatly. The house saud does not care about the Dollar :)

A Guided Tour Of The NYC Commercial Real Estate Wreckage

A Guided Tour Of The NYC Commercial Real Estate Wreckage
WOW, a excellent video

New Yorker: The Secret Cycle | The Big Picture

New Yorker: The Secret Cycle The Big Picture
Excellent read from the new yorker. Long. My Grandfather was a huge thinker about cycles. I am not so sure. Most of the time it does not fit.

Illinois State Comptroller Dan Hynes Says State Finances A Mounting Crisis, Things Getting Worse - cbs2chicago.com

Illinois State Comptroller Dan Hynes Says State Finances A Mounting Crisis, Things Getting Worse - cbs2chicago.com
Just in case you thought CA was all alone in problems, NY is not far behind.

NASA/Marshall Solar Physics

NASA/Marshall Solar Physics
What does the lack of sunsports mean? What is the long term impact to us?

MarketWatch First Take: The Latvia domino may be ready to fall - MarketWatch

MarketWatch First Take: The Latvia domino may be ready to fall - MarketWatch
Nothing like some high stakes poker. Sweden your bid?

James Pethokoukis » Blog Archive » Why the GOP shouldn’t embrace calls for a VAT | Blogs |

James Pethokoukis » Blog Archive » Why the GOP shouldn’t embrace calls for a VAT Blogs
Why a VAT tax is a mistake and why you should not trust the government with your money.

A Disaster in Northern New England: A Telco and Region Trapped in Telecom Hell | CIO - Blogs and Discussion

A Disaster in Northern New England: A Telco and Region Trapped in Telecom Hell CIO - Blogs and Discussion
Wow.

Online network to cover Manna co-op trial | Chronicle-Telegram

Online network to cover Manna co-op trial Chronicle-Telegram

A local story no one is following. Sad to see. yes the may have need a license. But why raid there house with a SWAT team?

Yakuza’s Series 7 Exam Is Harbinger for Economy: William Pesek - Bloomberg.com

Yakuza’s Series 7 Exam Is Harbinger for Economy: William Pesek - Bloomberg.com
Presented without comment, wow.

Sweden prepares for financial collapse in Latvia and major bank losses at home « naked capitalism

Sweden prepares for financial collapse in Latvia and major bank losses at home « naked capitalism
Ah latvia, I was worried we forgot about you. One domino falls others fall.....

Fed Starting To Freak Out Over Commercial Real Estate

Fed Starting To Freak Out Over Commercial Real Estate
Another top issue for the year, CR is in big trouble. Of course do we deal with it? Nah push it off till tomorrow.

A Country for Old Men and a Bit of Samba - Credit Writedowns

A Country for Old Men and a Bit of Samba - Credit Writedowns
Excellent and thought provoking.

Cleveland Fed On Final Q2 GDP | zero hedge

Cleveland Fed On Final Q2 GDP zero hedge
Awesome piece on the GDP numbers. Baked well done.

Aquacalypse Now | The New Republic

Aquacalypse Now The New Republic
Wow, scary stuff. True? hard to say since i dont following fishing.

Will California become America's first failed state? | World news | The Observer

Will California become America's first failed state? World news The Observer
Ah the british always looking on the brite side of things.

Soros: US Banking System Is "Basically Bankrupt"

Soros: US Banking System Is "Basically Bankrupt"
The end is nigh? Seems like a bleak tone in the last two weeks or maybe it is just me.

October 2009

October 2009
As we prepare to past the 100 mark for the year. One still has to wonder how much more rearrange of deck chairs we can do before we realize the ship is sinking.

Gold Can't Be 6x Levered Against The Dollar Forever

Gold Can't Be 6x Levered Against The Dollar Forever
In short gold will not perform to expectations. Just like i predicted at the start of the year.

Will Spanish Banks Implde And Wreck The Euro?

Will Spanish Banks Implde And Wreck The Euro?
Everyone else catches up to me! Just kidding.

Unemployment Problems Will Get Much Worse – 24/7 Wall St.

Unemployment Problems Will Get Much Worse – 24/7 Wall St.
How long before we admit the stimulus is not working and never would work? It is not about job creation, it was about pork.

Xmas Season Orders Don't Bode Well for Chinese Exporters-ChinaStakes.com

Xmas Season Orders Don't Bode Well for Chinese Exporters-ChinaStakes.com
More problems for the holidays

Greg Mankiw's Blog: Accountability?

Greg Mankiw's Blog: Accountability?
So what did that 1 trillion dollars buy? Not much.

Table A-12. Alternative measures of labor underutilization

Table A-12. Alternative measures of labor underutilization

Just ugly numbers, we pushed above 17% on U6. While U3 looks to be holding that is really bad, as workers out of a job over 12 months are dropping from that record. Which means we are seeing continued job losses. Also troubling Government moved to the negative. Guess that stimulus is not working so well.

The recession is over but the depression has just begun « naked capitalism

The recession is over but the depression has just begun « naked capitalism
Has anyone else noticted the turn to dark again? Or is just me.

Option ARMs in Financial Pain: 900,000 Mortgages and 1 out of 4 either Seriously Delinquent or in Foreclosure. OCC and OTS Report Shows Foreclosures Still Growing.

Option ARMs in Financial Pain: 900,000 Mortgages and 1 out of 4 either Seriously Delinquent or in Foreclosure. OCC and OTS Report Shows Foreclosures Still Growing.

Wow are we about to repeat last year. Cause it looks like a lot of pain in the pipes.

Banks Have Us Flying Blind on Depth of Losses: Jonathan Weil - Bloomberg.com

Banks Have Us Flying Blind on Depth of Losses: Jonathan Weil - Bloomberg.com
Till we stop lying we will not where the end is. It is time to stop acting like Japan and start acting like the US. Creative destruction now.

Spain’s Manufacturing Contraction Accelerates in September

Spain’s Manufacturing Contraction Accelerates in September afoe A Fistful of Euros European Opinion
Spain is in big troubles. Things continue to decline and if it the suffer a major crisis we could be looking at major test of the Euro and the European union.

Roving Bandit: Why Migration Matters for Development

Roving Bandit: Why Migration Matters for Development
.
Always funny and on point. I love this blog from the Sudan. Right on point with this one. Think about it and let me know.

USO’s Valuation Drift

USO’s Valuation Drift
Why USO is not for you.

FDIC Paints Terrifying Picture Of Bank Health

FDIC Paints Terrifying Picture Of Bank Health

Hello Everyone! I am back after two weeks in Mexico!

Calculated Risk: Bank Failure #90: Corus Bank, National Association, Chicago, Illinois

Calculated Risk: Bank Failure #90: Corus Bank, National Association, Chicago, Illinois
Count reaches #92 and another big one is down. The beat goes on.

What Took You So Long? - The Market Ticker

What Took You So Long? - The Market Ticker
Bad stuff.

Here's Why the U.S.-China Tire Tiff Lead to Great Depression II

Here's Why the U.S.-China Tire Tiff Lead to Great Depression II
Awesome

The Incredible Ghost Fleet Off The Coast Of Singapore

The Incredible Ghost Fleet Off The Coast Of Singapore
One of the best pictures to capture the lack of green shoots.

Market Place - In Florida, the Ruins of Condo Mania - NYTimes.com

Market Place - In Florida, the Ruins of Condo Mania - NYTimes.com
Create a bank, loan like made, Loot the cash, sell 0ut. The Great American banker

Trade Tensions With China Quietly Escalating « naked capitalism

Trade Tensions With China Quietly Escalating « naked capitalism
Trade war, where did that happen before? Oh yeah Great Depression? Would started it? US. Who will start this time? China.

Bank of America’s Firing of Counsel Is Examined - NYTimes.com

Bank of America’s Firing of Counsel Is Examined - NYTimes.com
Funny a year on and we are just now finding out the facts of the mess.

Fannie Mae, Freddie Mac Struggle A Year After Takeover

Fannie Mae, Freddie Mac Struggle A Year After Takeover
Not really we thought they should be closed. They are a festering problem and will be for a long time.

Real Unemployment Rate Hits 16.8% | zero hedge

Real Unemployment Rate Hits 16.8% zero hedge
The march upward continues.

Nils Gilman: The Global Illicit Economy

Nils Gilman: The Global Illicit Economy
Awesome video

Pension crisis likely to hit taxpayers eventually - MarketWatch

Pension crisis likely to hit taxpayers eventually - MarketWatch
Does years away mean next year? Likely.

The International Bank Rule That Almost Destroyed The World

The International Bank Rule That Almost Destroyed The World
Must read of the day

"A Full Blown Deflationary Episode" Coming | zero hedge

"A Full Blown Deflationary Episode" Coming zero hedge
Must read of the day

California’s wildfires aggravate budget woes | csmonitor.com

California’s wildfires aggravate budget woes csmonitor.com
More problems for Cali.

I Feel Comfortable Being on Paul Tudor Jones' Side of the Argument.

MonkeyBusinessBlog: I Feel Comfortable Being on Paul Tudor Jones' Side of the Argument.
I agree as well. Something is about the give.

Hit by Recession, Cocaine Dealers Resort to Cold-calling -- Daily Intel -- New York News Blog -- New York Magazine

Hit by Recession, Cocaine Dealers Resort to Cold-calling -- Daily Intel -- New York News Blog -- New York Magazine
Things are tough all over.

Why Craigslist Is Such a Mess

Why Craigslist Is Such a Mess
Must read of the day!

FDIC Shutters 3 More Banks

FDIC Shutters 3 More Banks
The beat goes on.

Commercial Real Estate Lurks as Next Potential Mortgage Crisis - WSJ.com

Commercial Real Estate Lurks as Next Potential Mortgage Crisis - WSJ.com
CRE is of course the top story for 2009 and will be for some time.

Why The Fed Is So Desperate To Keep Its Bailout Gifts Secret

Why The Fed Is So Desperate To Keep Its Bailout Gifts Secret
History rhymes we like to say here. In this case Ben may be listen but I think it is off base since most consumers only care about the FDIC, but shareholders would pound banks in trouble.

1,000 Banks to Fail In Next Two Years: Bank CEO - Private Equity and Hedge Funds * US * News * Story - CNBC.com

1,000 Banks to Fail In Next Two Years: Bank CEO - Private Equity and Hedge Funds * US * News * Story - CNBC.com
Wow that would be ugly.

Treasury Document Called AIG Investment ‘Highly Speculative’ - Bloomberg.com

Treasury Document Called AIG Investment ‘Highly Speculative’ - Bloomberg.com
Gosh wonder why the government did not mention this before? Oh yeah we need to save the system. Right.

Be Patient With Gold

Be Patient With Gold
I have not ranted on gold in awhile, but as part of my big in 2010 predictions I mention gold would underperfrom and disappoint. Clearly this author wants you to hold on. It is going up. Here is a clue. All things bubble then collapse. As a final question who can eat gold :) Just saying if the end time comes, what good is gold?

April 2007: when Gordon ignored the warnings | Coffee House

April 2007: when Gordon ignored the warnings Coffee House
Plenty of people knew there where problems. No body wanted to stop the money train.

GDP Revision (Unchanged) Is Good News

GDP Revision (Unchanged) Is Good News
Not really. We continue to shrink and business is not spending. Q3 may be ugly.

Capital Flight: A Plunge in Foreign Capital Inflows Preceded the Break in US Financial Markets

Jesse's Café Américain: Capital Flight: A Plunge in Foreign Capital Inflows Preceded the Break in US Financial Markets
Another bad sign.

Dismantle Bernanke's 'Happy Conspiracy' now - MarketWatch

Paul B. Farrell: Dismantle Bernanke's 'Happy Conspiracy' now - MarketWatch
Awesome read.

Is Banco Santander The Canary In The Coalmine

Is Banco Santander The Canary In The Coalmine
Spain has big problems.

Cumberland Advisors - Market Commentary

Cumberland Advisors - Market Commentary
Buying some cheap USO calls at $48 for OCT 2009

Court Orders Federal Reserve to Disclose Emergency Loan Details - Bloomberg.com

Court Orders Federal Reserve to Disclose Emergency Loan Details - Bloomberg.com
A win for transparent government.

"Dramatic" Decrease in Cure Rates for Delinquent Mortgage Loans

Calculated Risk: Fitch: "Dramatic" Decrease in Cure Rates for Delinquent Mortgage Loans
Very bad stuff.

FDIC report tomorrow

Will it start a bank run? Tomorrow the FDIC will likely report they need to borrow money from the Treasury. Is that enough to panic people? Hard to say but I lean towards no.

Calculated Risk: Bank Failure #81: Down Goes Guaranty

Calculated Risk: Bank Failure #81: Down Goes Guaranty
3 more along with the big one. MW called for 300 this year. I think we are on track to push past that.

Unemployment: The Worst-Hit States In July (MAP)

Unemployment: The Worst-Hit States In July (MAP)
The bleeding continues. CA is at 11.6%. Ouch

Here Comes Trouble: Three Problems - The Market Ticker

Here Comes Trouble: Three Problems - The Market Ticker
Just in case you where thinking he does not have enough problems, the social secuirty system is now much closer to blowing up as well.

Are Spanish banks hiding their losses?

FT Alphaville » Blog Archive » Are Spanish banks hiding their losses?
Looks that way and it is not good.

Calculated Risk: Guaranty Bank: OTS Closes the Barn Door

Calculated Risk: Guaranty Bank: OTS Closes the Barn Door
Kind of like closing the barn door after the horse escapes.

We Need RTC-II

We Need RTC-II - NOW - The Market Ticker
There are some deep problems with the Banks. Clearly the FDIC and other regulators are allowing them to hobble along. God help us all.

Foreclosure report

Clariden Leu: Investment Research: Private Banking
It seems clear we are done with the subprime but everything else is souring now.

Collateral Damage From Cash for Clunkers

Fundmastery Blog » Blog Archive » Collateral Damage From Cash for Clunkers
I thought it was funny people where shocked that people want free money!

Time to Legalize Drugs

Peter Moskos and Stanford "Neill" Franklin - Time to Legalize Drugs - washingtonpost.com
The time is now :)

Iceland and Latvia

Michael Hudson: Iceland and Latvia
Awesome read

Fiji Water: Spin the Bottle | Mother Jones

Fiji Water: Spin the Bottle Mother Jones
Bottle Water is a huge scam. Just my take.

The Great American Bank Robbery

The Great American Bank Robbery
Must watch of the day

CalPERS Admits California "Pension Costs Unsustainable" - So What To Do About It?

Mish's Global Economic Trend Analysis: CalPERS Admits California "Pension Costs Unsustainable" - So What To Do About It?
Clearly CA is far from 'fixed'.

Fitch Announces Expanded Review of U.S. Bank Commercial Real Estate Exposure

Fitch Announces Expanded Review of U.S. Bank Commercial Real Estate Exposure
CRE problems building

Reader’s Digest Plans Chapter 11 Filing - DealBook Blog - NYTimes.com

Reader’s Digest Plans Chapter 11 Filing - DealBook Blog - NYTimes.com
The short version or the Digest version :)

Loss Rates for FDIC higher than during S&L Crisis

Calculated Risk: WSJ: Loss Rates for FDIC higher than during S&L Crisis
Big risk, the banks are cost more on percentage basis. IE they are not just insolvent they are massive insolvent.

5 more Banks count at 77

http://www.businessinsider.com/over-wins-5-banks-fail-2009-8

BB&T Said to Be Taking Colonial in Year’s Biggest Bank Failure - Bloomberg.com

BB&T Said to Be Taking Colonial in Year’s Biggest Bank Failure - Bloomberg.com
One big one down

150 Public Banks May Be Near Death

150 Public Banks May Be Near Death
Is the FDIC broke? If so the cat food story may be closer then we like to think.

Two Analysts Who Think We'll Soon Be Hunting Squirrels And Eating Cat Food

Two Analysts Who Think We'll Soon Be Hunting Squirrels And Eating Cat Food
Awesome headline

Business Bankruptcy Fillings

http://www.abiworld.org/AM/AMTemplate.cfm?Section=Home&TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=57826

So lets take a look at a couple of things, first a nice chart of Business BK fillings, trending down since 90's, now on the up swing. No big surprise

Now lets look at the consumer, trending up to 2005, then the big BK law casued a spike. Of course that number may be exceed this year.

So lets look more deeply at the last 15 years of business BK

Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total

2009 14,319 15,319 17,019 18,319 64,976 Estimated Q2,Q3,Q4

If my estimates are correct we are looking at the largest Business BK since the early 90's

Last Week's Insiders Transactions: 10 Buys For $60 Million, 136 Sells For Over $1.15 Billion | zero hedge

Last Week's Insiders Transactions: 10 Buys For $60 Million, 136 Sells For Over $1.15 Billion zero hedge
Rats fleeing the ship? Trouble with making ends meet? Needs to buy car under cash for clunkers?

Details Of The $80 Billlion Prescripton Drug Deal? - The Atlantic Politics Channel

Details Of The $80 Billlion Prescripton Drug Deal? - The Atlantic Politics Channel
So we get a 2% discount in exchange for not being able to bargin or import or marked down. Great.

Citi’s dirty pool of assets

Commentaries » Blog Archive » Citi’s dirty pool of assets Blogs
Big trouble at citi

Emergency Unemployment Compensation

[ The Financial Ninja ]: Emergency Unemployment Compensation
A deeper dive on the Unemployment numbers.

Wish you weren't here: The devastating effects of the new colonialists - Nature, Environment - The Independent

Wish you weren't here: The devastating effects of the new colonialists - Nature, Environment - The Independent
Why resources are the next thing to fight for.

Obama on Drugs: 98% Cheney?#more-2664#more-2664

Greg Palast » Obama on Drugs: 98% Cheney?#more-2664#more-2664
Funny math

Green Shoots? Not Retail Sales or Unemployment Claims | The Big Picture

Green Shoots? Not Retail Sales or Unemployment Claims The Big Picture
As I mention several weeks ago, Retail sales for July where bad. Taking out Autos we see continuing declines. Along with no recover in unemployment numbers. We may be on plateau but not the bottom

Credit Implosion And Depression Coming, We Are So Screwed

Credit Implosion And Depression Coming, We Are So Screwed
Yep, it looks bad

If You Read Nothing Else About the Financial Crisis Read (and Remember) This...

Jesse's Café Américain: If You Read Nothing Else About the Financial Crisis Read (and Remember) This...
Must read of the day

Financial Armageddon: About to Get Blindsided Again

Financial Armageddon: About to Get Blindsided Again
Ginny Mae, why is it all the bad things have southern nicknames.

Chinese Export Collapse Casts Doubt On Recovery

Chinese Export Collapse Casts Doubt On Recovery
Some Problems in China, Net exports -20%.

The Worst Isn’t Over In the Real World - MarketBeat - WSJ

The Worst Isn’t Over In the Real World - MarketBeat - WSJ
I could not think of a better headline

Lawsuits are the latest roadblock for California budget - Los Angeles Times

Lawsuits are the latest roadblock for California budget - Los Angeles Times
This is how your CA goverment works now. I am sure it will all be ok.

The E-Commerce Savior Leaves Town – 24/7 Wall Street#more-43684#more-43684#more-43684

The E-Commerce Savior Leaves Town – 24/7 Wall Street#more-43684#more-43684#more-43684
Ugly numbers.

Half Of US Homeowners Will Be Underwater By 2011

Half Of US Homeowners Will Be Underwater By 2011
Must read, the full presenation of the DB reasearch.

Table A-12. Alternative measures of labor underutilization

Table A-12. Alternative measures of labor underutilization
Wow some good news from last week. May be a mirage cause by Census data and Autoworkers return from BK temporary closures.

Deleveraging the U.S. Economy

Deleveraging the U.S. Economy
Good read

Back tomorrow

Back tomorrow

Bankruptcies: The Next Wave - BusinessWeek

Bankruptcies: The Next Wave - BusinessWeek
More good news

Deutsche Bank: Construction Loan Defaults Coming | The Big Picture

Deutsche Bank: Construction Loan Defaults Coming The Big Picture
Ah CRE, the doom of tomorrow.

Consumer Bankruptcy Filings Most Since October 2005 (Update1) - Bloomberg.com

Consumer Bankruptcy Filings Most Since October 2005 (Update1) - Bloomberg.com
More bad news, BK on the rise, almost back to pre-2005 levels.

SEC Memo says Guaranty Bank to be Seized, not Sold - Going Concern - A Tabloid for Accountants, CFOs, & Finance Execs

SEC Memo says Guaranty Bank to be Seized, not Sold - Going Concern - A Tabloid for Accountants, CFOs, & Finance Execs
FDIC now close to having to borrow from treasury. Very bad sign of things to come.

DOT declines to release data on 'Cash for clunkers' that would show impact on US manufacturers - Los Angeles Times

DOT declines to release data on 'Cash for clunkers' that would show impact on US manufacturers - Los Angeles Times
Glad we have a president who wants transpancy, unlike that last guy.

Personal Income Drops, Personal Saving Rate Slides From 6.2% To 4.6% | zero hedge

Personal Income Drops, Personal Saving Rate Slides From 6.2% To 4.6% zero hedge
More bad news

Tax Dollars Wasted: GMAC Looses Billions

[ The Financial Ninja ]: Tax Dollars Wasted: GMAC Looses Billions

Europe prepares for a Baltic blast

FT.com / Columnists / Gideon Rachman - Europe prepares for a Baltic blast
Today's must read.

Federal tax revenues plummeting

AP ENTERPRISE: Federal tax revenues plummeting - Yahoo! Finance
More problems for the government.

Feds raid Colonial Bank office in Florida | Markets | Hot Stocks | Reuters

Feds raid Colonial Bank office in Florida Markets Hot Stocks Reuters
Guess Monday is going to busy for someone.

EMBARRASS YOUR CONGRESSMAN

Welcome!
Now is the time

Is The FDIC Broke And Covering It Up? - The Market Ticker

Is The FDIC Broke And Covering It Up? - The Market Ticker
Karl may have something here. Is there political pressure to not drain the FDIC of its remain funds?

Unconscionable Math

Unconscionable Math « Taunter Media
Must read of the day

Bank Failures 69 and counting

Calculated Risk: Bank Failures 65 through 68
http://www.calculatedriskblog.com/2009/07/bank-failure-69-in-2009-mutual-bank.html

Plus two big ones just hang out waiting. No signs of slowdown.

The Insurer Capco, a Pillar of Lehman, Begins to Look Flimsy - NYTimes.com

The Insurer Capco, a Pillar of Lehman, Begins to Look Flimsy - NYTimes.com
At times you would think the whole US Finanical industry is a huge ponzi scheme.

Q2 GDP: -1%, -6.4% for Q1

Q2 GDP: -1%
Really ugly number from Q1
If we get a revision down and things to do not improve we will be temping the 10% mark. A key indicator of a depression.

Dark Time

http://www.zerohedge.com/sites/default/files/The%20Dark%20Years%20Are%20Here.pdf

News from 1930: Monday, July 28, 1930: Dow 240.31 +2.83 (1.2%)

News from 1930: Monday, July 28, 1930: Dow 240.31 +2.83 (1.2%)

or a ringing heard in 2009

Germany in crisis: von Hindenburg's dissolution of the Reichstag is climax of long series of financial crises. After a remarkable economic recovery in the past five years, Germany's access to foreign capital has been cut off by the financial crisis; they're now faced with severe unemployment and need to bridge large budget deficits. Temporary dictatorship is an opportunity for drastic measures, though there is some worry that after new elections Socialists and National Socialists will gain. Some positives in continued export growth and solid condition of Reichsbank.

Insiders have quickened the pace of their selling - MarketWatch

Mark Hulbert: Insiders have quickened the pace of their selling - MarketWatch
Last one with stocks loses.

Sell Your House Now!

Sell Your House Now!
Timely

The Scary Reason Healthcare Can't Be Reformed

The Scary Reason Healthcare Can't Be Reformed
Some good thoughts about Heath care

Regional banks on the brink - MSN Money

Regional banks on the brink - MSN Money
Problems are not over for the banks by a long shot.

El Nino threat blows commodity prices higher - Telegraph

El Nino threat blows commodity prices higher - Telegraph
What is the differnce between a recession and depression-Famine

Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’

Raw Story » Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
Awesome read

Citi ‘milestone’ as Washington takes 34% stake

FT.com / Companies / Banks - Citi ‘milestone’ as Washington takes 34% stake
In a shock to no one the bailout continue

7 more in the most busy weekend since the S&L crises.

http://www.calculatedriskblog.com/2009/07/bank-failures-59-through-64-georgia.html

Dewalt leaving Roush Fenway at end of season

Dewalt leaving Roush Fenway at end of season
Bad sign for NASCAR which is already struggling with a massive drop in Fan attendance.

Momentum Shifts to Iran's Reformers - The Daily Beast

Momentum Shifts to Iran's Reformers - The Daily Beast
Updates from Iran

Open Letter to President Obama on Healthcare and the Economy

Mish's Global Economic Trend Analysis: Open Letter to President Obama on Healthcare and the Economy
Awesome

Latvia jitters creeping back

FT Alphaville » Blog Archive » Latvia jitters creeping back
Just another stone in the pond causing waves.

UPS Comments: Sitting at Bottom, No Improvement to date in Q3

Calculated Risk: UPS Comments: Sitting at Bottom, No Improvement to date in Q3
I feel the same way. We are taking a breather. Up/Down who knows. Feels like down thou.

PBGC Deficit Climbs to $33.5 Billion at Mid-Year, Snowbarger to Tell Senate Panel

PBGC Deficit Climbs to $33.5 Billion at Mid-Year, Snowbarger to Tell Senate Panel
Sounds like a coming bailout.

Oakland to Tax marijuana

Green shoots Free exchange Economist.com
1st in the country. Is this the begin of the end of the drug war on marijuana?

Nothing bullish in crude

-FT Alphaville » Blog Archive » Nothing bullish in crude

Short Term Oil remains high. Looking for a pull back for the end of the year.

World | Has anyone seen the American Dream?

TheStar.com World Has anyone seen the American Dream?
Awesome read.

"Peak Civilization": The Fall of the Roman Empire

The Oil Drum: Europe "Peak Civilization": The Fall of the Roman Empire
Very interesting read

Pension Pulse: California's $100 Billion Whooping

Pension Pulse: California's $100 Billion Whooping
The pension mess is now in full blown crises. This will drain more money from all the parties (State,local, and cities).

News from 1930: Monday, July 21, 1930: Dow 236.65 -3.92 (1.6%)

News from 1930: Monday, July 21, 1930: Dow 236.65 -3.92 (1.6%)
or 2009

Governor R.A. Young of Fed. Reserve Bd. warns banks to be careful
about the increasing amount of loans against securities. About the crash last
fall, says: “there is food for serious thought in the fact that, under our
excellent banking system ... we nevertheless came to the brink of a collapse,
had to resort to heroic action to prevent a panic, and were not able to avoid
... severe liquidation and what appears to be a business depression. Is this
unavoidable? Is it necessary for this country to go through periods of reckless
exuberance, accompanied by enormous credit expansion and fantastic levels of
money rates that profoundly disturb the financial structure not only here but
all over the world?” The cost of these episodes is paid in unemployment and
worldwide depression. Reminds banks that security loans are safe only if a
liquid market exists for the security; large scale sales can cause a drop in
value, “and there is no telling when such a drop may terminate and what
catastrophe may follow ...” Calls on banks not to assume Fed will always be able
to help them, since its resources are “not inexhaustible.”

CIT $3 Billion Rescue May Not Provide Permanent Cure (Update3) - Bloomberg.com

CIT $3 Billion Rescue May Not Provide Permanent Cure (Update3) - Bloomberg.com
Citi not out of the woods and looks like Chapter 11 may be likely anyway.

The Case Against Larry Summers at Emac’s Stock Watch | Fox Business

The Case Against Larry Summers at Emac’s Stock Watch Fox Business
Just say no to larry.

Philadelphia Halts Payments in Crunch - WSJ.com

Philadelphia Halts Payments in Crunch - WSJ.com
In case you thought CA was the only one out of cash.

Ron Paul's Solution To The Economic Collapse

Ron Paul's Solution To The Economic Collapse
Today's must read.

California Budget Deal Reached By Legislators, Schwarzenegger - Bloomberg.com

California Budget Deal Reached By Legislators, Schwarzenegger - Bloomberg.com
Very tough choices and it will get worse next year. They need reform on taxes and spending.

Negative Equity Nation for 1 out of 5

Negative Equity Nation for 1 out of 5 Homeowners: The Psychology of the 10 Million American Homeowners with Zero Equity.
Very bad and getting worse.

20 Brands & Products that Died in 2009

Business Pundit » Blog Archive » 20 Brands & Products that Died in 2009
Interesting

California's budget gap won't close for long | Reuters

California's budget gap won't close for long Reuters
In case you thought this year was bad.

Advanta Says Defaults More Than Doubled to 56.95% (Update1) - Bloomberg.com

Advanta Says Defaults More Than Doubled to 56.95% (Update1) - Bloomberg.com
Just uglyness here.

Study Finds Steep Drop in State Tax Revenues - NYTimes.com

Study Finds Steep Drop in State Tax Revenues - NYTimes.com
As I have said in the past, hard choices are coming.

PBGC Takes Over Nortel's Pension Plan

Pension Pulse: PBGC Takes Over Nortel's Pension Plan
Very interesting developments here.

Neil Armstrong Took One Small Step, Then Made a Giant Retreat Into Private Life - washingtonpost.com

Neil Armstrong Took One Small Step, Then Made a Giant Retreat Into Private Life - washingtonpost.com
A special salute to a real hero.

500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end

Mish's Global Economic Trend Analysis: 500,000 Will Exhaust Unemployment Benefits by September, 1.5 Million by Year-end

This is key to the next leg down. With more people out of the systems safely net it will start to cause even more problems then before.

EU-IMF breakdown over Latvia?

FT Alphaville » Blog Archive » EU-IMF breakdown over Latvia?
Still no solutions just more limping.

Back to Business - A Second Act in the Mortgage Disaster - Series - NYTimes.com

Back to Business - A Second Act in the Mortgage Disaster - Series - NYTimes.com
Maybe we need to look at making some things illegal.

Marijuana First, Then the Oil | Gregor.us

Marijuana First, Then the Oil Gregor.us
Excellent read.

CIT far from out of the woods | Blogs |

Commentaries » Blog Archive » CIT far from out of the woods Blogs
Look at this the free markert working! Shocking!

4 Banks go down.

http://www.businessinsider.com/only-4-banks-failed-this-week-2009-7
Still no resolution of Corus or Citi

Stimulus spending faces red tape bottlenecks - Eye on the Economy- msnbc.com

Stimulus spending faces red tape bottlenecks - Eye on the Economy- msnbc.com

If ever there was a sign what a huge waste the stimulis is was this is it. Also it should be cold shower to anyone who thinks the government can do it better. If they wanted results they should have given the money directly or not done it at all.

Bank of America Posts Profit Drop, Sees Weak Economy (Update1) - Bloomberg.com

Bank of America Posts Profit Drop, Sees Weak Economy (Update1) - Bloomberg.com
Still big problems here.

Disclosure
Short BOA

Georgia, Alabama Top 10% Unemployment as Firings Gain (Update1) - Bloomberg.com

Georgia, Alabama Top 10% Unemployment as Firings Gain (Update1) - Bloomberg.com
It is 1976, what a great time! Kidding.

Swedbank Losses Show Deeper Troubles in Baltic - DealBook Blog - NYTimes.com#more-89967

Swedbank Losses Show Deeper Troubles in Baltic - DealBook Blog - NYTimes.com#more-89967
More problems in the baltics

AIG’s European Derivatives May Take Decades to Expire (Update1) - Bloomberg.com

AIG’s European Derivatives May Take Decades to Expire (Update1) - Bloomberg.com
Thanks to all us, the taxpayers, we are back stopping this.

“There’s no question that asset values have soured on a global basis. With the faith and credit of the U.S. government backing those guarantees, why would they give that up?”

Paulson reveals US concerns of breakdown in law and order - Business News, Business - The Independent

Paulson reveals US concerns of breakdown in law and order - Business News, Business - The Independent
I think he has been reading too many novels.

Federal Spending Will Make Us Broke

Federal Spending Will Make Us Broke
Today's Must Read

MGIC to halt new business; posts steep loss | Markets | Markets News | Reuters

UPDATE 2-MGIC to halt new business; posts steep loss Markets Markets News Reuters
Is it me or are we reapting last year. First the run up in Oil, now MGIC in trouble. Damn what is next, oh yeah CIT goes BK tomorrow, ala Lehman.

Mish's Global Economic Trend Analysis: Foreclosure Filings Hit Record 1.5 Million; One in Eight Americans Delinquent; Obama's Mortgage Rescues Create ‘Confusion’

Mish's Global Economic Trend Analysis: Foreclosure Filings Hit Record 1.5 Million; One in Eight Americans Delinquent; Obama's Mortgage Rescues Create ‘Confusion’

As a said some time ago, stopping foreclosure and unemployment from accelerating should be the only priority.

Instead we get heath care, cap and trade and supreme court nominations.

Now Watch The CIT Backlash Begin

Now Watch The CIT Backlash Begin
Wow, we are going to let the markets work. Not sure what happen must be the sun.

Obama Punting On Fannie, Freddie Could Prove Costly

Obama Punting On Fannie, Freddie Could Prove Costly
Why worry, the only have 1/4 of all the mortage paper in the US? I mean how bad could the loses get? If we are int the 4 or 5 inning it could be bad.

Florida ‘a state in trouble’ - South Florida Business Journal:

Report: Florida ‘a state in trouble’ - South Florida Business Journal:
No big shock here. Florida needs to do some soul searching to fix it issues.

The Great Cabernet Ripoff - Page 1 - The Daily Beast

The Great Cabernet Ripoff - Page 1 - The Daily Beast
Drink what you like. Don't use price as a factor. And for the love of god don't drink white zinfandial.

American Express suspends payments into UK stakeholder pensions - Telegraph

American Express suspends payments into UK stakeholder pensions - Telegraph
Following up from several months ago. American Express appears to be in serious trouble. This is just a further sign of what they are doing. Along with massive credit line cuts.

Latvia PM says latest talks with IMF difficult - Forbes.com

Latvia PM says latest talks with IMF difficult - Forbes.com
More problems as the IMF push Latvia to the edge.

CIT Presses U.S. Regulators for Aid to Forestall Cash Crunch - Bloomberg.com

CIT Presses U.S. Regulators for Aid to Forestall Cash Crunch - Bloomberg.com
Bank run in progress, please help. Really?

Calpers Sues Over Ratings of Securities - NYTimes.com

Calpers Sues Over Ratings of Securities - NYTimes.com
I am surpirsed it took this long.

News from 1930: Monday, July 14, 1930: Dow 229.23 +4.37 (1.9%)

News from 1930: Monday, July 14, 1930: Dow 229.23 +4.37 (1.9%)
or 2009

Important economists strongly believe current seasonal lull is low point of
the industrial depression; some good news in week-over week freight increase
and
June rise in construction contracts. Drop in steel backlog not as bad as
feared;
oil curtailment making progress; increase in rail freight
rates.

Spitzer Says Banks Made ‘Bloody Fortune’ on U.S. Aid (Update3) - Bloomberg.com

Spitzer Says Banks Made ‘Bloody Fortune’ on U.S. Aid (Update3) - Bloomberg.com
If only hooker had jack you life up people might care more.

Drug cartels launch Mexico's 'Tet offensive' | csmonitor.com

Drug cartels launch Mexico's 'Tet offensive' csmonitor.com
Least you think I forgot about Mexico.

Is Bailing Out California Necessary To Save The Union?

Is Bailing Out California Necessary To Save The Union?
Let them sink.

Average length of unemployment highest since 1948. - WSJ.com

Average length of unemployment highest since 1948. - WSJ.com
Right on target. We may have plateau but the end is not near.

Retail Sales Still Stink | The Big Picture

Retail Sales Still Stink The Big Picture
No big surprise here and from yesterday post we can expect July to be worse.

The Doctrine of Preemptive Bailouts and the Biggest Bailout you haven’t Heard About: The U.S. Treasury Plan C and the $3.5 Trillion You will be Paying.

The Doctrine of Preemptive Bailouts and the Biggest Bailout you haven’t Heard About: The U.S. Treasury Plan C and the $3.5 Trillion You will be Paying.
Must read of the day.

The Bust of the Williamsburg Condo Boom -- New York Magazine

The Bust of the Williamsburg Condo Boom -- New York Magazine
Awesome read. Just remember Condo's are not caculted in the housiong numbers. So we have a whole bunch of foreclosed properties not even counted.

California's budget crisis: Meltdown on the ocean | The Economist

California's budget crisis: Meltdown on the ocean The Economist
Awesome read.

Don't Gamble On Casino Stocks-Minyanville

Don't Gamble On Casino Stocks-Minyanville

My sense as well, we over played the rally. This article talks retail which is the back bone of the recovery. Does not look good.

Detroit Public School System Ponders Bankruptcy

Mish's Global Economic Trend Analysis: Detroit Public School System Ponders Bankruptcy
I agree this is one of many pension blow ups on the horizon.

CIT Group Says Its Failure Risks Demise of Customers (Update2) - Bloomberg.com

CIT Group Says Its Failure Risks Demise of Customers (Update2) - Bloomberg.com
Going to be the story of the morning.

No Posting

Traveling

A Banking Model That Works In The Badlands - Home - The Daily Bail - The Bailout News Central Depository. News, Interviews,Videos, Comedy, Songs, Opinion & Analysis

A Banking Model That Works In The Badlands - Home - The Daily Bail - The Bailout News Central Depository. News, Interviews,Videos, Comedy, Songs, Opinion & Analysis
A solution to our problems?

The Crack Cocaine of Auction Sites: Swoopo.com is the most efficient, addictive way to separate people from their money. | The Big Money

The Crack Cocaine of Auction Sites: Swoopo.com is the most efficient, addictive way to separate people from their money. The Big Money
We are all idiots :)

Oscar Mayer, hot dog legend, dies at 95

Oscar Mayer, hot dog legend, dies at 95
Quick poll, who know he was real!

Crazy or Gutsy? The Call for $2 on General Electric (GE) – 24/7 Wall Street

Crazy or Gutsy? The Call for $2 on General Electric (GE) – 24/7 Wall Street
GE has serious problems. If it broke the low it set last time we could see $4 a share but $2 a share would indicate a massive blow to the whole market.

L.A. Targets Cannabis Clubs - WSJ.com

L.A. Targets Cannabis Clubs - WSJ.com
The better question to ask, if the city can support 100's more why close them? You have people who are employed, you have tax revenue from the business, you have income tax from the employees. Why fight this when CA cleary needs every job and income it can get.

Swiss Government Says It Would Seize UBS Data Sought by U.S. - Bloomberg.com

Swiss Government Says It Would Seize UBS Data Sought by U.S. - Bloomberg.com
Still a lot trouble over at the IRS VS UBS.

Trade Update: Container Shipping "A Black Hole of Losses"

naked capitalism: Trade Update: Container Shipping "A Black Hole of Losses"
No green shots here.

Goldman's secret sauce could be loose online; markets beware - Ars Technica

Goldman's secret sauce could be loose online; markets beware - Ars Technica
I like the technical aspect of the case explanation better then the MSM news version.

News from 1930

News from 1930 or 2009?

Finch, Wilson, & Co.: “We believe that many stocks are now selling far
below their real value and that purchases can now be made with a minimum of risk
and a maximum of confidence of higher prices later.”

Iran The Storm Ahead

Faster, Please! » The Storm Ahead
In case you thought it was over.

Bank of America Loses More Money, Obama Will Regret Fake Stress Test

[ The Financial Ninja ]: Bank of America Loses More Money, Obama Will Regret Fake Stress Test
Clearly massive problems remain. If the re-enter the TARP it would be a very bad blow to confidence.

Earnings and PE ratios in the Great Depression

CertainRuin - a stock picker's record: Earnings and PE ratios in the Great Depression
Very interesting read.

The 16th Forbes Cruise for Investors

The 16th Forbes Cruise for Investors
For all my rich investors out there, here is a little vacation idea.

T2 Partners Mortgage Market Update July 2009

T2 Partners Mortgage Market Update July 2009
In short the end is not nigh.

Goldman's Stolen Code Can Be Used To Manipulate Markets

Goldman's Stolen Code Can Be Used To Manipulate Markets
Smoking gun against GS?

Big Banks Don't Want California's IOUs - WSJ.com

Big Banks Don't Want California's IOUs - WSJ.com
Just another deadline. When the IOU"s stop trading (Via brokers) and move below 50% to par that will be the signal the end is near.

Fitch Downgrades State of California GOs to 'BBB'; Maintains Rating Watch Negative

Fitch Downgrades State of California GOs to 'BBB'; Maintains Rating Watch Negative

Another nail in the coffin.

Mexico's Ruling Party Is Seen Losing Ground - WSJ.com

Mexico's Ruling Party Is Seen Losing Ground - WSJ.com
Not good news for Mexico, the former rulers we terribly corrupt. It will also make finding a solution for oil reveune much tougher.

Ron Paul Strikes Gold: Why the oft-marginalized congressman is the greatest threat to Obama’s regulatory plan. | The Big Money

Ron Paul Strikes Gold: Why the oft-marginalized congressman is the greatest threat to Obama’s regulatory plan. The Big Money
We can only hope this passes. There should be no black boxes where Government is concerned.

Morgan Stanley - Global Economic Forum

Morgan Stanley - Global Economic Forum

H. Rodgin Cohen's (Failed?) Quest To Backstop Every Bank... Ever (And Usurp Geithner's Throne)

Zero Hedge: H. Rodgin Cohen's (Failed?) Quest To Backstop Every Bank... Ever (And Usurp Geithner's Throne)
Must read of the day

Despair flows as fields go dry and unemployment rises - Los Angeles Times

Despair flows as fields go dry and unemployment rises - Los Angeles Times
More problems for Calif

Florida aided Allen Stanford, suspect in huge swindle - Florida - MiamiHerald.com

Florida aided Allen Stanford, suspect in huge swindle - Florida - MiamiHerald.com

So if your bank has nice taste in furniture you entrust you life savings, Are your F$#$ kidding me?

''Everything was first class,'' she said. ``We thought our money was
safe.''

The state of Florida would have to grant him the right to move
vast amounts of money offshore -- without reporting a penny to regulators.

Sure this is fine, all the money offshort with no records.

Who the hell was in charge and what did they get paid to let this happen?

Banks Take Aim at Revolvers - Banking - CFO.com

Banks Take Aim at Revolvers - Banking - CFO.com
Here is a key problem. If short Term money is costly business will use it less and therefore have less money to spend on expanding. In short we are in vicious negative loop with no exit in site.

UBS: ‘The disaster in Spain will continue’ - Credit Writedowns

UBS: ‘The disaster in Spain will continue’ - Credit Writedowns
With in a year or two we will see Spain collapase. With that we will see the breakup of the Euro and possible the European union.

Biggest VIX Drop Hides Options Bets S&P 500 Will Fall (Update2) - Bloomberg.com

Biggest VIX Drop Hides Options Bets S&P 500 Will Fall (Update2) - Bloomberg.com
We have gone up to much for such a short period. It is an easy money bet we will make a correction lower.
Disclosure -Short S&P500

Mortgage Loan Losses Nearly 65% For Alt-A

Mortgage Loan Losses Nearly 65% For Alt-A
And still falling.

All you need to know about the stress test in one chart.

EmploymentStressJune2009.jpg (image)

7 in one day. Guess someone is working on the 4th.

Calculated Risk: Bank Failure #52, 7th Today, Founders Bank, Worth, Illinois
http://www.calculatedriskblog.com/2009/07/three-more-bank-failures-49-50-51.html
http://www.calculatedriskblog.com/2009/07/three-more-bank-failures-46-47-48.html

Rich Harvard, Poor Harvard: Vanity Fair | Vanity Fair

Rich Harvard, Poor Harvard: Vanity Fair Vanity Fair
Just think where Rubin and Summers are now :)

Is the Latvia intervention team assembling? | afoe | A Fistful of Euros | European Opinion

Is the Latvia intervention team assembling? afoe A Fistful of Euros European Opinion
Looks like something is going to go down in latvia sometime soon.

Consumer credit down a massive 33% in Spain - Credit Writedowns

Consumer credit down a massive 33% in Spain - Credit Writedowns
Spain continues its death spiral.

Table A-12. Alternative measures of labor underutilization

Table A-12. Alternative measures of labor underutilization
9.5% U3 and 16.8% U6
Strange that we only got a single bases point increase in U3. Unadjusted shows 9.7%. Still Looking for 10% before September.

No IOUs For California Pols, They're Still Getting Cash

No IOUs For California Pols, They're Still Getting Cash
Great so the politicans get paid and everyone else gets screwed.

How maths killed Lehman Brothers

How maths killed Lehman Brothers
Must read of the day

Gov. Declares Fiscal Emergency; Orders 3rd Furlough Day | News10.net | Sacramento, California | Local News

Gov. Declares Fiscal Emergency; Orders 3rd Furlough Day News10.net Sacramento, California Local News
So we are going to play chicken with the 8th largest economy. Should be fun to watch.

The Fed botched banking regulation once already. So why does Obama want to give it more power?

The Fed botched banking regulation once already. So why does Obama want to give it more power? - By Eliot Spitzer - Slate Magazine
I know many people hate him, but for god shakes bring him back.

Lost in the Weed: We stopped subsidizing tobacco farming. The result? Tobacco farming’s on the rise. | The Big Money

Lost in the Weed: We stopped subsidizing tobacco farming. The result? Tobacco farming’s on the rise. The Big Money
While some of the conclusions may be off, the tell highlights the foolishness of paying people to not farm. It inflates the price and helps no one. We should end all farm payments like this.

Hotel Loan Defaults Double as Recession Cuts Travel (Update2) - Bloomberg.com

Hotel Loan Defaults Double as Recession Cuts Travel (Update2) - Bloomberg.com
More bad news for hotels and the CRE Market.

Freddie Mac receives additional $6.1B from gov't | TPM News Pages

Freddie Mac receives additional $6.1B from gov't TPM News Pages
Least you think AIG is the only money hole being feed.

The Dreaded California IOU System Becomes A Reality

The Dreaded California IOU System Becomes A Reality – 24/7 Wall Street#more-39524#more-39524
Given a month or so this will start to break the suppliers.

To Dennis Kneale: You're An Idiot

To Dennis Kneale: You're An Idiot - The Market Ticker
Adding to that, If you think that magic will happen and the CRE mess will not cause problems you are delusional. If you think the fall in tax income for the states will not hurt you have head in the sand.

Conglomerate Blog: Business, Law, Economics & Society

Conglomerate Blog: Business, Law, Economics & Society
It always comes down to money and power. A excellent take on Iran.

Goldman again

FT Alphaville » Blog Archive » Goldman again
Follow up to the Rolling Stone Article from last week.

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary | zero hedge

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary zero hedge
Stop the madness.

The strange, underground world of Chinese counterfeit cigarettes. - By Te-Ping Chen - Slate Magazine

The strange, underground world of Chinese counterfeit cigarettes. - By Te-Ping Chen - Slate Magazine
Really cool article about counterfeit cigarettes.

States brace for shutdowns - Los Angeles Times

States brace for shutdowns - Los Angeles Times
Big Problems for the states and next year will be worse.

AIG: Ready to Blow Up Again

[ The Financial Ninja ]: AIG: Ready to Blow Up Again
The money pit needs feeding again.

For Pro Athletes, Business School Is No Game - BusinessWeek

For Pro Athletes, Business School Is No Game - BusinessWeek
78% of NFL player declare BK after just 5 years of retiring. Sad.

The Oil Drum | DrumBeat: June 30, 2009

The Oil Drum DrumBeat: June 30, 2009
Check out the Peak Oil discussion from the Atlanta Fed.

China Signals End of Stockpiling

naked capitalism: China Signals End of Stockpiling
More signs of problems in China

Guaranty Bank: FDIC assistance needed for survival - Houston Business Journal:

Guaranty Bank: FDIC assistance needed for survival - Houston Business Journal:
A huge failure if it goes down. 14 Billion.

The end of the line: Bankruptcy, sale will close Checker Motors Corp. after 87 years - West Michigan Business News – MLive.com

The end of the line: Bankruptcy, sale will close Checker Motors Corp. after 87 years - West Michigan Business News – MLive.com
Sad farewell to Checker Cab Company.

U.S. Plan to Stem Foreclosures Is Mired in Paper Avalanche - NYTimes.com

U.S. Plan to Stem Foreclosures Is Mired in Paper Avalanche - NYTimes.com
Banks have terrible customer service and are built this way to cause of audit requirements and regulations. Any hope of this changing is furlone.

The Looming Chinese Banking Disaster

The Looming Chinese Banking Disaster
If you think the RMB is safe, I have some lovely CDO's for sale at a discount.

With Unemployment Moving To 9.6%, Economic Impact Of Jobs Is Just Beginning – 24/7 Wall Street

With Unemployment Moving To 9.6%, Economic Impact Of Jobs Is Just Beginning – 24/7 Wall Street

With the last jump we could see 9.8% on thursday based on the velocity of unemployment. There is no signs of hiring in fact with closing of the dealers from Chyrsler and GM we could easly push above 10% next month.

Louis Gerstner: Kill The Casino Wall Street Has Become

Louis Gerstner: Kill The Casino Wall Street Has Become
It is clear something is wrong in the markets. I can only assume someone is playing the music. When they stop the you better grab a chair and hold on.

Goldman Sachs: "Engineering Every Major Market Manipulation Since The Great Depression"

Goldman Sachs: "Engineering Every Major Market Manipulation Since The Great Depression"
Must Read of the day

H1N1 Update

http://health.utah.gov/epi/h1n1flu/sitrep062409.pdf

Some Ugly stats coming out of the CDC. Lets hope it gets no worse.

A category 2 pandemic has the following characteristics: • Case fatality ratio
of 0.1 percent to less than 0.5 percent.
• Between 90,000 and 450,000 deaths
in the U.S. (compared with estimated 36,000 deaths during a typical influenza
season).
• Excess death rate of between 30 to less than 150 per 100,000
people.
• Illness rate of between 20 and 40 percent

　

　

California set to issue IOUs as fiscal crisis weighs | U.S. | Reuters

California set to issue IOUs as fiscal crisis weighs U.S. Reuters
Next week could be ugly. No signs of closing the gap soon and washington so far says no bailout. Are we really going to play chicken with the 8 largest GDP in the world?

Gross Domestic Product and Corporate Profits

News Release: Gross Domestic Product and Corporate Profits
Q1 -5.5%. Ouch unless we get some serious wind it be negative for the whole year. At this point it does not look like any wind is blowing.

US credit card chargeoffs break new record - Moody's | Industries | Financial Services & Real Estate | Reuters

US credit card chargeoffs break new record - Moody's Industries Financial Services & Real Estate Reuters
More problems in Credit Cards. Just think we are only in the begin as unemployment shows no signs of stopping.

Some Common Fallacies About Inflation and Deflation: the Weimar Nightmare in Review

Jesse's Café Américain: Some Common Fallacies About Inflation and Deflation: the Weimar Nightmare in Review
An excellent read. I tend to agree with Jesse on this one.

States Turning to Last Resorts in Budget Crisis - NYTimes.com

States Turning to Last Resorts in Budget Crisis - NYTimes.com
The time is short to fix the mess before we go off the deep end. Cuts now or else.

Scientology: The truth rundown Muat read of the day

Scientology: The truth rundown Tampabay.com St. Petersburg Times#story_anchor

The Climate Bill Is Now 1,201 Pages Long

The Climate Bill Is Now 1,201 Pages Long
They where elected to lead not to read. Sheshs.

The Animal Spirits Page: On the coming neo-feudalism

The Animal Spirits Page: On the coming neo-feudalism
IS this really where we are heading? I think it is dream that China will have any economic power. They are our twin. Producing everything we consume. When we stop the wheels come off. Yes I expect Riots here. Yes I expect Obama to not be the savior. But in the end creative destruction will sow the seeds for recovery. What that looks like no one knows.

News from 1930

News from 1930
A cool site, more then a little scary in some cases.

Col. Ayres, VP Cleveland Trust, predicts an abrupt recovery in stock and
commodity prices by Labor Day due to current consumption exceeding production.
Distinguishes between two types of depression, “V”-shaped and “U”-shaped.

Insider Selling Outpaces Buying 22x

Insider Selling Outpaces Buying 22x
Hmm..Wonder who they are listen too. Cause CNBC is sure the bottom is in. I would be selling too if I owned company stock.

Three Banks Suspend Their TARP Dividends - WSJ.com

Three Banks Suspend Their TARP Dividends - WSJ.com
Guess the green shoots did not grow near these banks.

The Fed Plots The Next Disastrous GSE

The Fed Plots The Next Disastrous GSE
More bad idea's from the Fed.

TigerHawk Scary chart of the day

TigerHawk

China - Economic Catastrophe Unfolding

Zero Hedge: Guest Post: China - Economic Catastrophe Unfolding
Excellent read. China is hidding its problems. When they are flushed out you will see a massive drop in there markets.

Banks Fail in Georgia, North Carolina, Kansas

Mish's Global Economic Trend Analysis: Banks Fail in Georgia, North Carolina, Kansas
Since I was off this weekend I still catching up.

Bond Market Plays

It looks like we may get some bond prices declines in the next year or so.
If you want to profit from it.

~ UltraShort 20+ Year Treasury ProShares (NYSE: TBT): This ETF is not for the faint-hearted. It seeks to perform at twice the inverse results of the Lehman Brothers 20+ Year U.S. Treasury Index. So if the Index drops 5%, TBT should return rise about 10%

.~ ProFunds Rising Rate Opportunity (RRPIX): This is a mutual fund that also seeks the inverse performance of the bond market. Its results aim to correspond to 125% of the inverse of the daily movement of the 30-year Treasury bond.

Jobless Rate Hits 11.5% In Calif; 11.1% In The Valley

Tech Trader Daily - Barron’s Online : Jobless Rate Hits 11.5% In Calif; 11.1% In The Valley
As California goes so goes the USA. It is clear the stress test was a a pipe dream.

US Set To Intercept North Korean Ship Suspected Of Proliferating Nukes

Zero Hedge: US Set To Intercept North Korean Ship Suspected Of Proliferating Nukes
Aside from the fact a war with North Korea would be bloody, if they lauch nuclear weapons it will empower the hawks that attacking Iran is needed. All of this is very bad. We have almost no uncommitted forces to support a third war much less a attack on Iran.

California Soon To Get Junked By Moody's

Zero Hedge: California Soon To Get Junked By Moody's
It is possible that would we could another major storm in the financial world. I am still in very negative and have puts against the SP for a large drop by Decemember.

States in Deep Trouble Over Plunging Income Tax Revenues

Mish's Global Economic Trend Analysis: States in Deep Trouble Over Plunging Income Tax Revenues
A excellent read. Most of the states are in trouble. Time for Cuts not more taxes. Most will go the wrong way.

Lite posting as I am traveling

China's "Suicidal" Buy China Provision

China's "Suicidal" Buy China Provision
Lets call it round two. Round one was fired by the US in the stimuls bill. Yes it does parallal the GD, but in this case China is America. We are Europe. Both countires got whacked badly by this.

Global Economy Matters: Banking Problems In Southern Europe Send The Whole World Running For Cover

Global Economy Matters: Banking Problems In Southern Europe Send The Whole World Running For Cover
Spain is especial troubled with unemployment at 18%

CPI: No Inflation Yet

CPI: No Inflation Yet
Just more deflation problems.

100 Questionable Stimulus Projects

Option ARMageddon » Blog Archive » 100 Questionable Stimulus Projects
Glad to see we are spending our money so wisely.

China, Shipping and the Great Commodity Carry Trade -- Seeking Alpha

China, Shipping and the Great Commodity Carry Trade -- Seeking Alpha
We print more paper, the buy more good.
Something seems wrong.

Credit Card Issuers Settle Accounts for Lower Balances - NYTimes.com

Credit Card Issuers Settle Accounts for Lower Balances - NYTimes.com
Sign of the times. Get money as quick as possible.

Momentum builds for broad debate on legalizing pot - Yahoo! News

Momentum builds for broad debate on legalizing pot - Yahoo! News
IF anyone thinks for a second that legalization will make a difference to the youth they are crazy. From the experence of my daughter growning up I can tell you Pot is widely availalbe, widely used and considered safer then acholol.
Legaliazation is the only answer

Andy Xie: Tight Spot for Fed, Blind Spot for Investors

Andy Xie: Tight Spot for Fed, Blind Spot for Investors
Today's must read

The White House Is Open To Bailing Out California

The White House Is Open To Bailing Out California
Dont waste the money on a broken system. If they need a bailout it should come with big changes an cuts.

Iran poll loser leads huge rally

BBC NEWS Middle East Iran poll loser leads huge rally
With the spilt from the top regliuous leaders it is possible we could some fundamenatal change within Iran. Usually you get a united front, everything is fine or if the elections where rigged a crack down on the losers. In this case it appears the top leaders of Iran do not have a either. A sign of problems. The next 24 hours should be very interesting